This Morning in Metals News: E.U. to Impose Tariffs on U.S. Goods

by on
Style:
Category:
Global Trade

Andrey Kuzmin/Adobe Stack

This morning in metals news, the European Union plans to import retaliatory tariffs against the U.S. this week, Canada is considering aid to auto companies in light of proposed U.S. auto tariffs and President Trump’s trade adviser defends the administration’s tariff strategy.

Need buying strategies for steel? Try two free months of MetalMiner’s Outlook

E.U. to Strike Back

The E.U. will impose tariffs on the U.S. this Friday in response to the latter’s steel and aluminum tariffs, Reuters reported.

The new 25% duty will impact a wide range of items, including farm products, bourbon, jeans and motorcycles, according to the report.

Canada Prepares to Rev Up Potential Auto Tariff Response

On another U.S. trade front, Canada says it is prepared to provide financial aid to the auto industry should the U.S. impose auto tariffs, Reuters reported.

“The message I would convey to the auto sector workers is – we have your backs,” Innovation Minister Navdeep Bains was quoted as saying.

Trump Trade Adviser Defends Potential $200B in Tariffs

President Trump’s trade adviser, Peter Navarro, defended the recent announcement in which the president directed the U.S. Trade Representative to identify an additional $200 billion in Chinese goods to be subjected to a 10% tariff.

Want to a see Cold Rolled price forecast? Get two monthly reports for free!

“No one should be surprised,” Navarro was quoted as saying. “President Trump has given China every chance to change its aggressive behavior.”

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.